MARKET SNAPSHOT –
- SPI200 futures closed up 7 pts to 5763
- SP500 futures closed up 0.25 pts to 2413.75
- FTSE100 futures closed up 34 pts to 7535
- DAX30 futures closed down 20 pts to 12593
- GOLD finished up $11.60 to $1271.40 an ounce
- COPPER futures finished down $3.15 to $256.60 a pound
- OIL futures finished up $0.90 to $49.80 a barrel
- CRB Index finished up 0.86 pts to 183.68
- AUDUSD trading at 0.7448
- EURUSD trading at 1.1183
- GBPUSD trading at 1.2804
- USDJPY trading at 111.3300
Friday nights session saw range bound action in the major US Indexes as markets traded sideways around breakeven until the close. The volume was a bit light on ahead of the extended long weekend for the US. Traders initially started upbeat as GDP data came out more positive than expected giving the USD a boost. Consumer Sentiment data levels continue to hover at post-election highs. A weaker pound triggered buying in the FTSE Index while other major European markets fell. This makes a fifth straight week of gains for the FTSE100 into new high territory.
The USD was stronger against the Pound although weaker against the YEN. The pound was hit after a poll by the YouGov organisation taken after Monday’s bombing in Manchester showed that Mays lead is just a quarter of what some polls showed a month ago and might deliver the slimmest of majorities. This may mean that the Pound will continue to be under pressure if the race is tight. The EURO also found weakness into the close of the session.
Oil gained some lost ground back form the previous sessions beating after OPEC and Non-OPEC countries agreed to leave their production levels unchanged for 9 months and stopped short of cutting production further which disappointed traders. Gold had a positive session to close with some solid gains.
The ASX200 is expected to open flat as the SPI200 futures struggled to gain ground Friday night in a range bound US Session. The ASX200 had a rough day as commodities struggled and we are not expected to see much action today with a holiday in the US.
ECONOMIC DATA OUT TODAY (AEDT) –
EUR M3 Money Supply and Private Loans 6pm
USD Bank Holiday
EUR ECB President Draghi Speaks 11pm
ASX200 INTRADAY LEVELS TO WATCH –